EU-Mexico deal offers ‘plethora of chances for Irish business’

DONALD Trump may want to build barriers with Mexico but the EU is knocking them down – and that’s good news for Irish traders.

A new international trade deal with the country – Ireland’s biggest trade partner in South America – will cut tariffs and mean our goods will be even cheaper there.

Enterprise and Innovation Minister Pat Breen said the deal will offer ‘a plethora of opportunities for Irish business’. The change came about when Mexico said it wanted new export markets after Trump became US president, leading the EU to seek a free trade deal.

Junior Minister Breen said Ireland is ‘ideally placed to benefit from the removal of tariffs’. He added: ‘The existing deal between the EU and Mexico is 21 years old and mainly covers industrial goods.

‘This updated deal seeks to include a wide range of sectors, with agricultural exports from the EU set to benefit the most.’

Ireland exports large quantities of powdered milk and milk derivatives to the Latin American country and the removal of tariffs could significantly boost our farmers and the agribusiness sector.

The Minister said Mexico is Ireland’s biggest trading partner in Latin America with trade between us worth over €1.7billion in 2016 alone.

There is also particular interest from telecommunications and renewable energy industries.

The deal comes in the wake of similar agreements between the EU and Canada, Japan and Singapore.

Pacts are also under discussion with other Latin American countries and also Australia and New Zealand.